The sale of a pharmacy is a complex undertaking that requires several factors to be concluded before an agreement is formally reached. It is best to hire a lawyer to ensure that the sale can proceed smoothly. A sale of this type may require a significant delay. They should put in place a strong negotiating team to achieve positive results for both parties. It is also important to know the legal issues that need to be addressed when selling a pharmacy. Once you and the buyer have agreed orally to the basic terms of an agreement for the pharmacy, your lawyer should start writing a letter of intent. This letter is a document that provides full details of the transaction between the two parties. In the event of a share purchase, all outstanding shares of the pharmacy are transferred from the seller to the buyer. The buyer actually enters the seller`s shoes, and the operation of the business continues in an ongoing manner. Many buyers would consider the pharmacy`s NHS contract to be its most valuable asset, as it gives the pharmacy the right to offer NHS dosing services.
However, as this is not a written contract, you must provide proof that your pharmacy is on the NHS drug list in order to prove that you have an NHS contract. A mutual NOA is a legal document that requires all parties concerned to keep certain information confidential. All parties transmit confidential information and must sign the agreement in order for it to be valid. All information shared by companies covered by an NDA is considered secret and cannot be disclosed without legal consequences The buyer`s lawyer will conduct a series of internet searches against the pharmacy to ensure that all business practices are in order. Their main concern is confirmation that there are no ongoing lawsuits against the pharmacy and its owners. Other small issues can be easily resolved during the negotiation process. First, the buyer needs proof of the agreement of your local planning authority so that the property can be used as a pharmacy. You must also prove to the buyer that your pharmacy is on the list of medicines for the NHS team concerned and that the premises are registered with the GPhC.